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Extending Data Exchange to the Producer Level
Financial services organizations are seeking an easy-to-use, dependable, electronic workflow solution to the paper-intensive and manual processes currently used for insurance licensing and securities registrations.
There are many steps involved from the point when new recruits are hired, until they are cleared to sell and collect commissions. The steps vary among insurance and securities companies, but typical steps include exchanging of employment contracts and hiring paperwork, obtaining or documenting licenses and registrations for the individual, obtaining appointments, and delivering/tracking continuing education as required to maintain licenses and registrations over the producer’s years of employment. Product Overview
The Compliance Management SystemSM provides a seamless workflow for producer hiring, licensing, compliance tracking and education. It automates and streamlines these processes in a single, integrated system: - Mainframe Data Gathering
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Component Database
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Component Processing
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Component Appointments
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Terminations
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PDB Background Investigations
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CRD State DOI Producer/Rep
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CRD Manual Distribution
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Self Service OR MGA Event Triggers: Automated Email Reminders (License expirations and education requirements)
COMPLIANCE PROCESS WORKFLOW
What's In It for You? - Creates a unified matrix of similar, but flexible workflow options so distributors and carriers can communicate under a standardized technology Automates the entire workflow from the initial appointment request from the field to the state Department of Insurance (DOI) and back to the field, via electronic status messaging
- Provides a totally electronic workflow solution linking producers, carriers, distributors and regulatory entities
- Automates and streamlines five key areas within a firm:
– New Hire Processing
– Licensing & Registration Processing
– Data Collection & Exchange
– Compliance Maintenance
– Education
Why Choose THE COMPLIANCE MANAGEMENT SYSTEM?
| Features |
Benefits |
| Centralized compliance management system with field
and/or region office access |
Increased operational efficiency, reduced expenses,
accurate, flexible tracking, increased speed to market, dynamic
workflow synergies |
| Automated processing—move toward paperless work
environment |
Increased operational efficiency, reduced expenses,
quicker approval times, fewer rejected transactions, better service
to producers |
| Single-point data entry using the Internet first-time
user login validation |
Increased accuracy saves time and money—data entry can
be pushed to field |
| Customizable features |
Convenience, meets unique needs, provides a complete
solution |
| Multiple, automated connections to third-party systems |
Increased operational efficiency, reduced expenses,
quicker approval times, better service to producers |
| Powerful reporting capabilities |
Reduced compliance risk, increased operational
efficiency, reduced expenses, fewer rejected transactions, helpful
management reports |
| Maintenance free—updated by Kaplan Financial |
Increased operational efficiency, reduced expenses, upto-date
application of regulatory changes |
Need more information?
 Click here for more information on Compliance Management SystemSM.
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